Portland, OR · Member since 2020 · 65 posts · 37 votes
5y
Hi @Amanda Dallman! That was incredibly helpful - thanks so much for sharing!
We’ve actually been looking very actively in Ronald - that would be our ideal location but the prices are getting so high that not many properties meet the cash on cash return that we’re looking for.
As far as Snoqualmie Pass goes though, we own a land flipping business and we had someone reach out not long ago with a property that they are interested in selling and that got me thinking about the Snoqualmie Pass STR market. Not many properties on the market but maybe a building is an option? I know that's seldom the best approach but given that we're buying these properties off market and under market value, maybe it makes sense.
Regardless of the approach, sounds like now is the time to get in if you can! Thanks again for all the helpful info!
@Dado Vucak oh nice congrats on closing! Are you doing STR on that one?
Originally we were focusing on Ronald, but the prices started going insane so we pulled back. Weren’t sure we could make the economics work to be honest!
Recently started looking towards Easton & then Snoqualmie pass. Like the pass because of proximity to skiing (ronald isn’t that much closer to snoqualmie resorts than Seattle). Also seems better value - but a little unsure on occupancy there vs Ronald. They are adding a mountain bike park next year so that’ll make it more attractive in the summer months. A few friends have said that there’s a lot more development coming at the pass.
Portland, OR · Member since 2020 · 65 posts · 37 votes
5y
@Chris Brownridge yeah, we're doing more of a STR BRRRR actually. Basically tearing it down to the studs and turning a 1300 square foot 3/1.5 into a 1700 square foot 4/2.
Easton and snoqualmie definitely have lower occupancy rates when compared to Ronald but you can certainly make it work! Have you looked into Airdna at all for your daily rates and occupancy?
I’ve heard there is supposed to be quite a bit of development happening in snoqualmie too. Might be a good time to get in if you can find something that makes the numbers work!
Hi Chris, I'm a Realtor, live full time on Snoqualmie Pass and do a lot of work in the Easton, Cle Elum, Roslyn area. I also have my own STR in other parts of WA. Give me a call and I can help you with what you are looking for.